According to Cointelegraph: Walt Disney Co. has announced that it will purchase a $1.5 billion equity stake in Epic Games to create what it refers to as a “persistent universe”, seemingly aligning with metaverse aspirations. This move comes less than a year after Disney closed down its metaverse division.
In a statement on February 7, Disney outlined the multiyear project, pending regulatory approval, would form a game experience interoperable with Fortnite, Epic's chief game. This "games and entertainment universe" is designed to allow users to interact with content, characters, and stories from Disney's portfolio.
Disney CEO Bob Iger called this collaboration Disney's "biggest entry ever into the world of games." Utilizing Epic's Unreal Engine, this venture would empower "players, gamers, and fans to create their own stories and experiences", although no launch date for the metaverse-like project has been confirmed yet.
Disney's decision to venture into metaverse comes despite it shutting down its own metaverse unit in March 2023 to curb operating expenses. The timing also coincides with Disney's first-quarter 2024 earnings announcement, showcasing $23.6 billion revenue for Q4 2023, narrowly surpassing analysts' expectations.
Disney's share price closed at around $99 on February 7, but saw a near 7% jump to exceed $105 in after-hours trading.